Dublin could have a new metro service by 2025 completely funded by private investment, according to the CEO of Dublin Metro.

Jed van de Poll says that the format has already worked successfully in Madrid at a fraction of the cost of the Jubilee Line in London.

While plans for a one-line Metro North are still in the pipeline, Mr van de Poll told Newstalk Breakfast that a six-line metro system linking into a central loop and connecting with existing routes and services such as Luas, Dart and Dublin Bus could be built quickly and efficiently using the Madrid model.

The Metro Dublin plan would cost €9bn, which he says is a third of what would normally be considered for a project of this size.

However, he says that no Government funding is required as private funding would be forthcoming for half of the cost while the other half would come from the European Investment Bank which was set up to fund such projects.

The Dublin Metro group has met with Minister for Transport Shane Ross from whom they received “a very positive response.” They are already in discussions with An Bord Pleanala and are hoping for a meeting with the National Transport Authority.

Mr van de Poll said: “I think there is the political will for this, we want to build up the momentum, get people revved up to back the project.”

He said he would like Minister Ross to visit Madrid to see for himself how successful the radial metro network is there.